At-a-Glance
Key Takeaways with Craig
US Equity Index prices traded lower and Treasury Yields traded higher after the PPI report reflected higher than expected wholesale prices in November. Despite the report and the increase in Treasury yields though, CME’s FedWatch tool suggests very similar probabilities of Fed moves over the next several months as it did yesterday. CVOL in CME’s Treasury options ticked higher today but remains near 1-year low levels. Meanwhile, the 10-Year options continue to trade with a slight Call skew (in yield terms), while the 2-Year is trading with a Put skew, as you can see in the CVOL graph below.
In other CME markets, Gold prices remain volatile but today traded lower by nearly 2%, most major currencies were lower versus the US Dollar and Nat Gas was about 2.5% higher and back near 1-Year highs. Finally, Bitcoin futures remained volatile, trading in a 3,450 point range today. Remember, CME offers the following Bitcoin futures products that provide the associated notional value and daily range in dollar terms you can see below (at the current prices):
- Standard size futures (BTC) | 5*100,335 = $501,675 | Today’s Range = $17,250
- Micro Bitcoin futures (MBT) | .1*100,335 = $10,033.50 | Today’s Range $345
- Bitcoin Friday futures (BFF) | .02*99,510 = $1,990.20 | Today’s Range $63 (the daily range in BFF was slightly different from the other two futures products)
We’ll see everyone tomorrow to wrap up the week!
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